Topic: [HAVELOCK] PETAMINE - 1,150 TH/S HASH RATE (1GH/S per Unit) - page 14. (Read 565897 times)

It seems that the peta dividends are trying to do the same a mining itself, as much zero's in the front as possible.

By the looks of it that is what happened
Since the thread has been quiet for the last few days and nothing of interest has happened in the meantime.

I guess that's it. No more comments. Everyone's thrown in the towel...

Thank you all on your views. I was smart enough not to reinvest all in PETA stocks and now have a varying portfolio on different sites 

One of the fairest overall summaries I've heard thus far on CryptX stock.  True enough, I knew at the time I was voting that this would shorten Peta's life and also agree with Netwerked's conclusion that pretty much any hardware manufacturer and % dividend reinvestment would've only prolonged the inevitable.  Although that inevitable could've been quite sometime if we could reverse the clock to when CryptX "loaned" us the money for the huge not so great last batch of hardware.  Oh well, at least it will disappear soon and no more money will be lost to it.

This asset was pretty much doomed from the start in retrospect but then again, what mining asset isn't nowadays? 

I think the logic at the time of the vote was that the share price had already dropped a lot, and the dividends were quickly falling too.  Since we could not sell our existing shares and break even, we thought it would be better to receive larger dividends in the short-term as opposed to getting smaller dividends over the long-term.  In any case, I think we all knew that voting for higher dividends would shorten PETA's life.  Even if the majority had voted to reinvest, it would just slightly prolong PETA's life by several months.  In hindsight, with the information that we now know, I think the majority made the right decision.

One other thing to keep in mind is that PETA was hoping to sell a lot more shares at its IPOs.  Since only a fraction of the shares were sold, I think the economies of scale were bad.  This led to higher fees being charged per share, also effectively shortening the life of PETA.

Is there any future in PETA mining?  I think it will come to an end soon.  The fees are relatively high and there are other mining options that seem more attractive.  Even with the more attractive options, mining has become extremely competitive, and the chance of breaking even is diminishing in the near-term.  When breaking even with mining gets more risky, more people switch to the strategy of buying BTC at a low price and selling at a higher price.

You mentioned that you're buying stocks with dividends.  Unfortunately, you have a traditional mindset, where you think the goal of a company is to survive indefinitely.  I think many of us had that mindset when we first bought PETA shares.  We quickly realized that was not going to be the case.  The share price reflected that.  When you reinvested dividends in additional shares, you were effectively buying shares that other people no longer wanted.  You did not add additional mining capacity.  If you keep following this reinvestment plan, you will eventually have close to zero.

What on earth made you believe it was a good idea to do that?

Difficulty killed the project. Reinvestments wouldn't have helped. Dividends would still be used to pay back the loan if the vote hadn't passed.

Hey guys, at the moment when most people voted PETA not to reinvest we all lost a lot of value. At the moment our stocks are worth maybe 1/10th they used to and the dividend is becoming less every day. Why was every so stupid to vote not to invest anymore? Now it's like *poof* and the money is gone.. Is there any future in PETA mining? I remember investing 5BTC, worth 9BTC after some time. Then after the vote I saw it lose its value to about 1BTC. Why did we let this happen? Also, I voted against and have been buying stocks with dividends.

Looks like I have to be the guy to stand up for cryptx. Oh the irony.
- The explanation for the 21BTC transaction makes complete sense, and I see no reason to doubt it.
- That the move to P2P didnt happen should be considered a god sent. Yes, unit holders voted for it, but anyone who was still holding units at that point was per definition mathematically challenged or an idiot, so be glad Cryptx didnt listen. It would have been nice had cryptx spread his hashrate to several smaller pools (including p2p) to take power from ghash.io while not creating unacceptable variability, but moving everything to P2P would be madness.

Cryptx, if you are reading, consider moving part to bitminter, part to eligius, part to P2P etc. Each of them is small and has high variability, but using all of them reduces that problem while fighting centralization.

Anyway, that was the good news. Now the bad one. Looks like today might the be first day you get no dividends:
https://blockchain.info/address/1PETAmNrgdzx3FwzJPNuhx18JVKdGtwWt6
10.5 BTC isnt enough to pay the fees.

Probably cryptx will do another loan to pay his fees and some theoretical div, but think about that for a second.
And get used to it.

It was a really big scam from cryptx to ask about moving to p2pool.
And its maybe the biggest lie in the market to tell shareholders that every single hardware they have is not compatible with p2pool.
They could have splitted harvare to use 2 pools if they were honest with us. But no.
They tell us lies about variance is something we want to avoid - variance has nothing to do with high or low income in case shareholder does live longer than few weeks.

Its just wonderfull to see days that im getting 4 times more than my hashrate on p2pool, finding a block gives a small bonus - dont have to share altcoins with everyone... That doesnt matter to team cryptx because fees are safe...

Incase peta had done as they said, they could have saved all altcoins - we would have got much more of those for sure - and sold those in high times....or maybe even leave it for shareholder to decide if they want to withdraw those someday, that way it could add some value to each and every peta...

50btc, mtgox, cryptx

lmao...looks like somebody is making off with all the shareholders 'sprinkles'

https://www.youtube.com/watch?v=o9Y69p1Lx48

Answer from Cryptx:
"Hello,


There was a problem with the BTC withdrawel from CEX.io. Because we pay a daily dividend, we have prefinanced the revenue of that day.

Transaction:
https://blockchain.info/es/tx/62b3b555ea353328846b49d5fe1cede9438edb090b4301472c69753a65170a36

Your transaction (https://blockchain.info/es/tx/7ce11d086b3fdfe3c627aff94ff29ecfa8f06d2dd39915da4f8ba411fa415e64) is the repayment of this 'loan'.



Regards,
CryptX"

I posted the answer to that a year ago:

https://bitcointalksearch.org/topic/finally-a-correct-endgame-difficulty-calculator-295270

Those large scale mining operations  pay on the order of 5 cents per kwh.
Note that we are around $700/TH retail for the hardware already, and that will keep dropping.
No one took those estimates seriously when I posted them. The network was below 1PH back then.

I'll assume that's your sense of humor   Why would I knowingly want to give away money?  I donate to charity, but that's for a good cause at least.  I could take that money and gamble with it, and I would have a 49% chance of coming out ahead.  I just don't see how buying any PETA shares would ever be profitable, unless day trading.  Even with successful day trading, it doesn't seem like there would be much profit.  The math didn't add up for me, and my scenarios were more optimistic than what has actually happened over the past couple of months.  I do wish the best for the current share holders though.

I think the best chance of making any money mining is via cloud mining, however, with difficulty rising an average of 16% every 2 weeks, that's even risky.  I know the thought is that the difficulty increases will eventually level off, but how soon and for how long?  It's a very competitive environment.

Just move a small amount of bitcoin to HavelockInventments and buy a PETA or two.   Then you wont have to rubberneck.  In the worst case you won't lose much, but 1/2 a cup of coffee.

It's equivalent to rubbernecking at an accident.  You know you shouldn't slow down to look at the wreck, but curiosity gets the better of you.

Trimonthly reality check: If you don't own any shares, then why do you post here all day every day for months on end?

Pls delete